Pension Benefit Guaranty Corporation

Pension Benefit Guaranty Corporation
A federal insurance fund that pays pension benefits to retirees whose pension plans have ended, generally because the plans cannot meet their financial obligations. The PBGC is funded by insurance premiums paid by employers that sponsor covered plans. The PBGC covers only defined benefit plans and only up to a maximum monthly amount.
Category: Employment Law & HR → Employee Rights
Category: Personal Finance & Retirement → Money & Taxes for Retirees

Nolo’s Plain-English Law Dictionary. . 2009.

Pension Benefit Guaranty Corporation
Pension Benefit Guaranty Corporation (PBGC)
Responsible for insuring certain benefits under private defined benefit plans. It protects the pensions of workers and retirees in private single-employer and multi-employer defined benefit plans. PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income and recoveries from the companies formerly responsible for the plans.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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